On 10 August, the DeFi project MonolithosDAO, which is developing the decentralised ruble-stablecoin MCR, completed the first phase of the MDT governance token sale. During the presale investors bought 138,000 MDT at a price of $0.40 per token.
On 3 August, the second phase of the token sale began: MDT is trading on decentralised exchanges Uniswap and 1inch. The project plans to list MDT on P2P platforms Bitzlato and HodlHodl, and is in talks with other trading venues for listings.
MonolithosDAO is a platform on which a suite of DeFi services is deployed and the MCR stablecoin operates. The coin’s price is pegged to the Russian ruble at a 1:1 ratio thanks to the network’s economic incentives. At present, MCR can be bought on decentralised exchanges Uniswap, Mooniswap, Airswap and 1inch.
MonolithosDAO is built on the MakerDAO protocol and operates as a classic decentralised autonomous organisation. The network is governed by users through a voting system and smart contracts.
The MDT token is used to govern the network through voting via smart contracts. MDT holders vote to alter network parameters: smart contracts, auction rules, and the collateralisation ratio.
MonolithosDAO burns MDT tokens that participants have used in auctions and votes.
“Limiting the MDT supply and burning tokens during MCR surplus creates artificial deflation. As MonolithosDAO grows in popularity, the MDT price will rise,” says Dmitry Kryshstal, Chief Development Officer of MonolithosDAO.
In total, MonolithosDAO issued 1 million governance tokens. 800,000 MDT were released for public sale.
Earlier ForkLog wrote about the start of MonolithosDAO’s token sale.
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